New Delhi, Jan 13 (IANS): Eminent economist Arvind Panagariya Tuesday took charge as the first vice chairman of NITI Aayog, an official statement said here.

The National Institution for Transforming India (NITI) Aayog has been established by the government to function as both a think-tank and a policy forum replacing the Planning Commission.

Panagariya was professor of economics at New York's Columbia University till recently. A Rajasthan University alumnus, he holds a Ph.D. degree in economics from Princeton University.

A former chief economist at Asian Development Bank, Panagariya has worked with the International Monetary Fund, World Trade Organisation and World Bank.

Prime Minister Narendra Modi has also appointed full-time members, ex-officio members and special invitees.

Sindhushree Khullar is the chief executive officer of NITI Aayog.

The full-time members are Bibek Debroy, an economist and professor at the New Delhi-based Centre for Policy Research, and scientist V.K. Saraswat, who has served as director general of the Defence Research and Development Organisation (DRDO) and as chief scientific advisor to the defence minister.

Home Minister Rajnath Singh, Finance Minister Arun Jaitley, Railway Minister Suresh Prabhu and Agriculture Minister Radha Mohan Singh will be ex-officio members of the Aayog.

Transport Minister Nitin Gadkari, Social Justice and Empowerment Minister Thawar Chand Gehlot and Human Resource Development Minister Smriti Irani will be special invitees to the Aayog, an official release said earlier.